(1) Whenever any person or body of persons, whether corporate or unincorporate (not being registered or certified under any Act relating to friendly societies, building societies, or trade unions), carries on the business of accepting subscriptions payable at periodical intervals of less than six months and, in return, undertakes by prospectus or otherwise to pay, at a future date, to the subscribers the amount of such subscriptions with interest thereon (whether with or without a right on the part of the subscriber to the return of his subscriptions in the meantime) such business shall be deemed to be bond investment business.
(2) The following provisions shall have effect in relation to every business which is deemed under the foregoing sub-section of this section to be bond investment business, that is to say: -
(a) the card, book, or other document in which receipts of subscriptions are entered shall be deemed to be the instrument evidencing the contract, and
(b) the subscriber sha
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